By the APEC Small and Medium Enterprises Working Group
SINGAPORE – Ethical business practices give small and medium enterprises (SMEs) an economic edge, according to new APEC research released at the Business Ethics for SMEs Forum in Seoul, Republic of Korea earlier this month. The findings were presented along with updates to APEC’s cross-border ethical frameworks and the introduction of a strategic guide to steer regional cooperation.
The study found that health-focused SMEs with robust ethics programs are more competitive and trade-ready; multinational corporations aide in driving higher standards through supply chains; and industry associations provide tools, codes, and resources that help SMEs access procurement, strengthen reputation and improve performance.
The Business Ethics for APEC SMEs Initiative is the world’s largest public-private partnership promoting integrity in health-related sectors. It serves as a model for international collaboration across diverse stakeholders and economies.
“This initiative helps ensure that SMEs have the tools to build trust and succeed,” said María Jesús Prieto, chair of the APEC Small and Medium Enterprises Working Group. “By setting clear standards and sharing practical resources, we are helping SMEs open doors to new markets and strengthen their role in regional growth.”
“Industry associations can play an important role in sharing best practices and supporting ethics programs that build trust in healthcare,” said David Reddy, director general of the International Federation of Pharmaceutical Manufacturers and Associations. “Platforms like the Business Ethics for APEC SMEs Initiative have a cascading impact across health systems by defining shared ethical principles for the benefit of patients.”
The forum also introduced the world’s first joint ethical standard on health data and technology, including artificial intelligence, through a cross-border ethics agreement known as the International Consensus Framework or ICF.
Participants also introduced revisions to the APEC Mexico City Principles for codes of ethics in the biopharmaceutical sector. The updates expand commitments on digital health, strengthen patient engagement and reinforce tools that support more than 16,000 SMEs across the region.
Building on these outcomes, the forum also launched a new guide for the initiative, which sets clear priorities for the coming years to ensure that ethics continues to strengthen SME competitiveness, stakeholder trust and patient outcomes. This Strategic Compass will mobilise more than 2,000 stakeholders to keep integrity central to health systems and trade across the Asia-Pacific.
“The Strategic Compass, like the initiative itself, is ultimately about patients and fostering trust to strengthen life sciences and health systems,” said Russell Williams, chair at BioCanRX and of the Business Ethics for APEC SMEs Initiative Patient Network. “By uniting stakeholders around clear expectations and responsibilities, we are creating the conditions for SMEs to deliver health products and innovations that people can rely on.”
